According to Dubai local Media, “The Dubai International Financial Centre (DIFC)” is partnering with Smart Dubai to create the world’s first Court of the blockchain. It was announced on Monday, the 30th of July 2018 that the reason behind partnership is to streamline the “process of verification of court judgment for cross-border enforcement”.
Since Dubai 2020 is still on way to hit the target line, Blockchain implementation will mark as one of the notable innovation. Nevertheless, Dubai blockchain strategy seeks to run 100% of applicable government transactions on Blockchain by 2020.
“By harnessing blockchain technology, Dubai will be firmly positioned at the forefront of legaltech and judicial innovation, setting the standards or countries and judiciaries to follow.”
In specific, the adoption of blockchain technology will focus on improving the efficiency over legal matters and removes document duplication. It also proposed their plan on looking over dispute or issues arising from public and private blockchains, quoting;
In the future, research will focus on how to handle disputes arising from private and public blockchains, with regulation and contractual terms encoded within ‘smart’ contracts. At the moment, blockchain-based smart contract transactions are irrevocable, with no technical means to unwind a transaction.
In addition, joint task force of “DIFC Courts and Smart Dubai” said that they will outline use cases of smart contract across blockchain technology by taking into consideration the various terms, conditions and exceptions.
Amna Al Owais, chief executive and registrar of DIFC Courts said,
“The taskforce is in line with our guiding principle to deliver courts as a service, powered by technology and extended through cooperation agreements and alliances,”
In the same regards, Director general of the Smart Dubai Office (SDO), Dr.Aisha bint Butti Bin Bishr embraced new move of partnership to adopt blockchain technology. By working on it, Dubai can be seen accomplishing one of the larger goal of digitizing government service of all kinds.
Dr. Aisha explained how teaming up with DIFC Courts helps blockchain innovation in Dubai. She stated disruptive set of rules and an empowered institution” is equally matter to “uphold” the potential of blockcahain technology. And here comes “our partnership with DIFC Courts”, she said.
Blockchain Technology and the power of Judiciary
It was no surprise to see blockchain technology in judicial matter but adopting disruptive technologies by countries like Dubai where the license was required on starting new cryptocurrency firm is quite hazy.
Back in 2017, Dubai Future Foundation and DIFC Courts initiated the launch of “Court of the Future Forum”, aims to outline the guidelines for a commercial court for border-less operation. And this year, the skilled professionals are researching on future technology such as Blockchain.